Offshore wind is “on a high” with costs having fallen by around 50% since 2015.

innogy and Triton Knoll today welcomed the launch of MHI Vestas’s new UK-based blade finishing plant, as an important demonstration of the positive impact the offshore wind industry is having on the UK economy.

As one of MHI Vestas’ key customers, Triton Knoll said the blade finishing plant is expected to help ensure more work and investment takes place in the UK, while helping to reduce the cost of offshore wind energy.

The launch takes place during this week’s Offshore Wind Week, and follows several weeks of positive news from the offshore sector, which has seen the levelised cost of new offshore wind fall by around 50% since 2015, and is now cheaper than new gas and nuclear power.

innogy director of offshore Wind, Paul Cowling said: “We are delighted to be celebrating the launch of this fantastic new facility, and to be working with MHI Vestas through our Triton Knoll project, as one of the first energy companies in the world to be installing its’ ground-breaking V164-9.5 MW turbines.

“Once operational, this new blade finishing plant will be able to help deliver some of the significant cost-savings already identified at Triton Knoll and across the wider sector. It’s expected to support between 30 and 50 new jobs and would operate near MHI Vestas’ blade manufacturing plant on the Isle of Wight.

“The Offshore Wind sector is riding on a real high now, with the recent Contract for Difference auction demonstrating the true extent of the cost-reductions that are possible, and which would have been considered unheard of in recent years.

“The offshore wind industry in the UK is strong, is growing faster than ever, and is demonstrating real value to the UK economy, likely to invest over £17.5billion in projects over the next four years. We’re pleased to see Government responding to the sector’s potential by setting out details of a new Contract for Difference auction in early 2019, providing the industry and supply chain with the confidence to support ongoing investment.”

innogy is one of the world’s leading offshore wind energy developers, and is a key supporter of this week’s Offshore Wind Week, which has been developed in partnership with industry body Renewable UK.

Triton Knoll is an innogy-owned (1) offshore wind farm, located 32kms off the Lincolnshire coast. It has a planned installed capacity of 860MW (2) capable of supplying the equivalent of over 800,000 UK households per year, with renewable electricity.

The project was awarded a Contract for Difference (3) in September 2017, and expects to trigger a capital expenditure investment of around £2billion into much needed UK energy infrastructure. This will enable the delivery of some of the lowest cost energy generation for UK consumers.

It is now progressing towards a financial investment decision likely in 2018 with full onshore construction starting shortly after, and offshore construction starting in 2020. First energy generation could be as early as mid-Q1 2021, with the project expecting to begin commissioning in 2021.